MOSCOW, March 4 (RAPSI) – The Moscow Commercial Court has granted a lawsuit filed by Trust Bank seeking to collect 1.996 billion rubles ($27 million) from Cyprus-based TIB Investments Limited, RAPSI reported from the courtroom on Friday.

However, a counterclaim by the Cyprus-based company demanding that the court declare the contracts void due to the allegedly deceptive nature of the transaction has been dismissed.

Trust Bank filed a lawsuit to recover debts under four deliverable forward contracts signed on September 23, 2009 as part of a general agreement on lending and foreign exchange contracts dated January 12, 2006. Initially, the bank demanded $71.5 million but later decreased the claim.

In 2015, Trust Bank filed over 20 claims against various offshore companies to collect more than 32 billion rubles ($433.5 million) and $94 million.

In October, the Moscow Commercial Court ordered another Cyprus-based firm Erinskay Investment Limited to pay Trust Bank $113.5 million.

Midsized lender Trust Bank reported losses of 18.8 billion rubles (about $255 million) in 2014 amid the financial crisis. As of December 1, 2014, its assets were estimated at over 290 billion rubles ($3.9 billion).

The Central Bank estimated that the bank’s debts exceeded the value of its assets by 67.8 billion rubles ($918 million).